Hugo Boss: share price falls after revision of forecasts
(CercleFinance.com) - The share price fell by almost -8% on the Frankfurt Stock Exchange following the announcement of Q2 2024 figures and the downward revision of 2024 forecasts.
Group sales fell by 1% to €1,015 million in Q2 2024, with 'difficult macroeconomic and geopolitical conditions weighing on global consumer demand', says the Group.
Gross margin increased by 50 basis points to 62.9%. EBIT amounted to 70 million euros (-42%), reflecting a downward trend in sales and strategic investments in the business.
The Group has revised downwards its financial outlook for fiscal 2024. Management now expects Group sales to rise by +1% to +4% to around €4.20 billion to €4.35 billion (previously sales were expected to rise by between +3% and +6% to around €4.30 billion to €4.45 billion).
The Group now expects EBIT for the full year 2024 to evolve within a range of 15% to +5%, or around 350 to 430 million euros (previously EBIT was expected between +5% and +15% to reach around 430 to 475 million euros).
' By translating this sales performance and focusing even more on operational efficiency, we have the capacity to return to profitable growth in the second half of the year' said Daniel Grieder, CEO of Hugo Boss.
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